Residual markets - Study guides, Class notes & Summaries

Michigan Property & Casualty Exam Questions With Solved Solutions.

3 factors that effect planning of organization - CORRECT ANSWER- 1) organization level (more heirarchy better with more stability) 2) degree of uncertainty (more uncertain, shorter planning horizon) 3) length of future commitments (planning horizon should be as long as length of longest commitment by management 4 functions of management - CORRECT ANSWER- 1) planning: business goals 2) organizing: allocating resources 3) leading: coordinating and directing 4) controlling: observe and anal...

C16 Business of Insurance Exam Questions And Answers (Verified And Updated) 5 Ways Insurance companies spread risk - answer-Share risk with other insurance companies (for very large risk, several insurers subscribe to percentage of risk) -Reinsure the risk -deductible -spread risk over diverse geographical region (soften risk of localized disasters) -form risk pools (syndicates of insurance and reinsurance companies, organized to underwrite particular risk) Two principles of insurance -...

Accounting book value - The value of an asset as shown on a firm's balance sheet. It represents the depreciated historical cost of the assest rather than its current market value or replacement cost Asset Management - How efficienty management is using the firm's assets to generate sales Balance sheet - A statement that shows a firm's assets, liabilities, and shareholder equity at a given point in time. Its a snapshot of the firm's financial position on a particular date. Best Effort Ba...

BUSINESS MAJOR FIELD TEST QUESTIONS AND ANSWERS GRADED A;(FULL TEST BANK) Accounting: What costs should be considered when making non-routine decisions? (3) Ans- The price of material, Factory overhead costs, and the price of labor Accounting: Total product/ units produced and sold equals?? Ans- Product Cost per Unit Accounting: What is a general explanation of what the contribution margin is? Ans- The difference between variable costs subtracted from sales Accounting: In a ...

enterprise risk management defintion - A process used by the board of direct management and personnel across all aspects of operation designed to identify potential events and management risks within the business appetite ERM - A. Doesn't look at lost, it looks at business opportunity B. unique to each business C. plan for each organization and will change as it evolves with the company and environment Purpose of ERM - 1. To reduce unacceptable performance variability. 2. Align and integ...

What is required for insurance applicants for an insurer who are required to pass a written exam? complete a pre-licensing course of study, pass a background check, obtain license What is correct about the life and health guaranty association? it is to protect policyholders when an insurance company becomes insolvent. Brainpower Read More Moving from one state to another, a producer must file a change of address within how many days? 30 days Which of the following acts by a...

this is zip file with complete solutions manual. PDF file is giving error in upload. get preview sample: Chapter 1 ANSWERS TO QUESTIONS 1. What is the typical relationship among interest rates on three-month Treasury bills, longterm Treasury bonds, and Baa corporate bonds? The interest rate on three-month Treasury bills fluctuates more than the other interest rates and is lower on average. The interest rate on Baa corporate bonds is higher on average than the other interest rates. 2. W...

FIO - ️️(Federal Insurance Office) Monitors insurance industry and identifies issues and gaps in the state regulation of insurers. It also monitors access to affordable insurance by underserved communities and consumers. Insurance Regulation at State Level - ️️Insurance industry is regulated primarily at the state level. Legislature writes and passes laws, judicial branch interprets them. Surplus and Excess Insurance - ️️Insurance available when coverage cannot be obtained from...

Profit maximization as a goal of the firm: a. is an economic principle and not an accounting one b. is superior to other goals that could be pursued c. maximizes the wealth of the owners d. does not consider cash flow or risk - correct answer d. does not consider cash flow or risk Wealth maximization as a goal of the firm: a. is usually discounted by bondholders b. takes a long-run perspective and focuses on the owners of the firm c. is a long-run p...